The modest gains registered by local equities during the previous week proved unsustainable, as the MSE Equity Total Return Index surrendered 0.72 per cent to close at 9,351.473 points.
Gainers and fallers were somewhat balanced, as from the 15 active securities, five posted gains while six drifted lower.
Investor participation was significantly lower than the previous week’s figure of €2.8 million, as a turnover of around €1.5 million was generated over 144 transactions.
One of the main drivers of the negative performance was International Hotel Investments plc, as its share price posted a further loss of 4.58 per cent.
During midweek, the equity fell to a six-week low of €0.71, but ultimately closed at a price of €0.73. In total, 186,689 shares traded over eight transactions.
Another major drag on the index was Bank of Valletta plc as it erased 2.9 per cent in value to settle at €1.34. Trading volume totalled 130,172 shares spread across 42 deals.
The only other active equity in the banking industry was HSBC Bank Malta plc, which registered a strong gain of 1.84 per cent, to reach €1.66. This price, which was the highest closing price in seven weeks, was the outcome of 21 transactions of a combined 159,631 shares.
The most liquid equity of the week was GO plc, as 69,335 shares were exchanged across 19 trades, translating to a turnover of €335,133. Consequently, the equity extended the previous week’s loss with another 1.23 per cent price decline to €4.80.
Its spin-off, BMIT Technologies plc, partially surrendered the previous weekly gain, to close at €0.525. The 1.87 per cent fall in price was the result of 13 transactions of a combined 90,296 shares.
Malta International Airport plc traded heavily, as €301,242 worth of shares changed hands across 13 deals. The equity continued to oscillate between the prices of €6.65 and €6.55, as it regained the 0.76 per cent lost in the previous week, to recapture March’s closing price of €6.60.
The equity managed to sustain this price level despite falling ex-dividend last Friday.
Meanwhile, in the insurance industry, Mapfre Middlesea plc recorded no change to the price of €2.36, over just one deal of 10,000 shares.
Similarly, RS2 Software plc also traded just once at an unchanged price of €1.41, as 5,600 shares were exchanged.
Retail conglomerate, PG plc extended its positive streak to three straight weeks, as it posted yet another gain of 2.8 per cent to reach €1.47, the highest closing price since the end of 2017. A total of 77,840 shares changed ownership over 11 transactions.
On the other hand, Medserv plc kicked off the week with a 3.64 per cent price drop, over two deals of 20,000 shares. No further trades were recorded during the week and thus the equity closed at €1.06.
In the food and beverage sector, a sole deal worth €4,708 in Simonds Farsons Cisk plc shares had no impact on the share price of €8.75.
In the property sector, only four equities traded this week. Malta Properties Company plc led the list of gainers with an impressive 8.93 per cent price hike to €0.61, completely overturning the previous week’s loss.
Traded volume amounted to 153,267 shares, spread across seven deals.
Meanwhile, Main Street Complex plc closed unchanged at €0.65, in spite of three transactions of 10,270 shares.
Retail conglomerate, PG plc, extends its positive streak to three straight weeks
The company published its annual results for 2018, a year which was characterised by the floating of the company on the Malta Stock Exchange back in May 2018.
The complex managed to retain 94 per cent occupancy throughout the year, resulting in a revenue of €742,341, which was marginally higher than the previous year.
While operating expenses were more or less in line with 2017, administrative expenses more than doubled, mainly due to costs related to the company’s listing on the Stock Exchange.
The proceeds from the listing however, were used for the full repayment of the company’s bank loan facilities, which compensated for the additional administrative costs, through lower financial costs. As a result, profit before tax was 5.6 per cent higher than the previous year, as it totalled €439,371.
Further to the interim dividend which was distributed in September, the board recommended the payment of a final net dividend of €0.00981 per share to be paid on May 22. All shareholders on the register as at close of business April 17 shall be eligible for the dividend.
The company’s Annual General Meeting shall be held on May 17.
Trident Estates plc traded in positive territory, albeit on slim volume. The share price climbed a modest 0.75 per cent over one deal of 1,299 shares.
Another single transaction of 1,585 MIDI plc shares had the opposite effect, as it shaved 1.59 per cent off the share price to close at €0.62.
After market close on Friday, Plaza Centres plc published its audited consolidated financial statements for the year ended December 31, 2018.
The year was characterized by a number of renovations at the Plaza Commercial Centre, which led to lower occupancy levels.
The company however, expects this transformation of the complex to contribute positively to future revenues.
The Group generated revenue of €3.3 million, a slight decrease over the comparative year.
Profit before tax however, decreased by 9.6 per cent to under €1.6 million, driven by higher administrative costs, as well as a higher contribution to marketing and maintenance costs.
In view of these results, the board resolved to recommend a final net dividend of €0.0294 per share, to be paid on June 12, to all registered shareholders as at close of business May 6.
The Annual General Meeting shall be held on June 5.
No trades were recorded by the equity last week.
Malta Government Stocks recovered from the previous losses week’s losses, as from the 21 active issues, 16 traded higher, and only three short-dated issues closed lower.
In fact, the MSE MGS Total Return Index was up 0.42 per cent to 1,047.203 points.
Turnover amounted to an impressive €9.4 million over 128 transactions.
Half of this figure was generated by the 2.4% MGS 2041(I), which also registered the largest gain of 1.34 per cent to reach €112.17.
In the corporate debt market, 42 bonds were active, generating a turnover of €1.7 million. Gainers amounted to 21 securities, while only 12 issues drifted lower.
The MSE Corporate Bonds Total Return Index closed the week at 1,072.048 points, translating to a 0.16 per cent gain.
The best performer was the 4.35% SD Finance plc Unsecured € 2027 which advanced 1.94 per cent to €104.49.
At the other end of the spectrum, the 5.5% Mediterranean Investments Holding plc Unsecured € 2020 fell 3.37 per cent to €100.50.
This article, compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such.
The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and the Atlas Group.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or email info@jesmondmizzi.com.